Company file · AOS

A. O. Smith

A. O. Smith's revenue rose 0.3% in FY2025, to $3.8B, and net income rose 2.4% to $546M

Revenue rose 0.3% to $3.8B in FY2025, from $3.8B in FY2024. Net income rose 2.4% to $546M. North America was the largest segment, at 77% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 10, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026) · Data pulled Nov 11, 2026

Key facts

A. O. Smith (NYSE: AOS) closed fiscal 2025 on Dec 31, 2025 with revenue of $3.8B, up 0.3% from a year before; net income came to $546M, up 2.4%. Its newest quarterly report covers the three months to Sep 30, 2026: revenue of $940M, down 0.2% on the same stretch of the prior year, and net income of $126M. Broken down by segment, North America led with 77% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 10, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 29, 2026).

Revenue$3.8BFY2025 · +0.3% vs FY2024

Net income$546MFY2025 · +2.4% vs FY2024

Operating cash flow$617MFY2025 · +6.0% vs FY2024

Cash & equivalents$234Mat Sep 30, 2026 · +34.4% vs FY2025 end

Total debt$673Mat Sep 30, 2026 · +334.3% vs FY2025 end

Diluted shares142MFY2025 avg · −3.5% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 10, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026 · 10-Q filed Oct 29, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
North America$3.0B77%+1.2%
Rest of World$866M23%−2.7%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: North America (77%) and Rest of World (23%), as shares of the segment total. Total revenue was $3.8B.

By segment: three-year mixShare of the total each fiscal year

FY2023

75%25%

FY2024

77%23%

FY2025

77%23%

North AmericaRest of World

Source: 10-K FY2025

By region, FY2025

United States$2.6B68%+1.8%

China$673M18%−11.5%

Canada$326M9%−1.4%

Other Foreign$212M6%+38.3%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$940M Q3 2026

$942M Q3 2025

0.2% decrease

Net income

$126M Q3 2026

$132M Q3 2025

4.3% decrease

Source: A. O. Smith 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

By segment

North America

$762M Q3 2026

$743M Q3 2025

2.5% increase

Rest of World

$193M Q3 2026

$208M Q3 2025

7.3% decrease

Source: A. O. Smith 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026

Cash & equivalents $234M at Sep 30, 2026, vs $174M at FY2025 end.
Total debt $673M at Sep 30, 2026, vs $155M at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $429M vs $434M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 0.3% in FY2025 to $3.8B, from $3.8B a year earlier. 10-K, FY2025
Net income rose 2.4% in FY2025 to $546M, from $534M. 10-K, FY2025
Operating cash flow rose 6.0% in FY2025 to $617M. 10-K, FY2025
Diluted shares fell 3.5% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025

The bear case

Revenue in the quarter ended Sep 30, 2026 was $940M, down 0.2% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $126M, down 4.3% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Rest of World revenue fell 2.7% in FY2025 to $866M. 10-K, FY2025
China revenue fell 11.5% in FY2025 to $673M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

A. O. Smith is in the building products industry, part of the industrials sector. The SEC files it under Household Appliances.

A. O. Smith reports 2 segments: North America and Rest of World.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the building products industry. They are not a summary of A. O. Smith’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$3.9B	$3.8B	$3.8B
Net income	$557M	$534M	$546M
Operating cash flow	$670M	$582M	$617M
Cash & equivalents (year end)	$340M	$240M	$174M
Total debt (year end)	$127M	$193M	$155M
Diluted shares	151M	147M	142M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

Recent filings

Form	Filed	Period
10-Q	Oct 29, 2026	Sep 30, 2026
10-Q	Jul 30, 2026	Jun 30, 2026
10-Q	Apr 30, 2026	Mar 31, 2026
DEF 14A	Mar 4, 2026	Apr 13, 2026
10-K	Feb 10, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about A. O. Smith

How does A. O. Smith make money?

Fiscal 2025 revenue: $3.8B. By segment in FY2025: North America (77%) and Rest of World (23%), as shares of the segment total. Total revenue was $3.8B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What was A. O. Smith's revenue in fiscal 2025?

$3.8B, up 0.3% from fiscal 2024 ($3.8B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $3.9B. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

Is A. O. Smith profitable?

Net income was $546M in fiscal 2025 (up 2.4%; fiscal 2024 was $534M). That counts as a GAAP profit. The latest quarter, ended Sep 30, 2026: net income was $126M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 10, 2026.

What did A. O. Smith report in its latest quarterly filing?

For the three months to Sep 30, 2026: revenue $940M (down 0.2% from $942M) and net income $126M (down 4.3% from $132M). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 29, 2026.

How much cash and debt does A. O. Smith have?

As of Sep 30, 2026: $234M of cash and cash equivalents, $673M of total debt. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Oct 29, 2026.

What are the main risks A. O. Smith faces?

A. O. Smith's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 10, 2026. Risks that are common among companies in the building products industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these A. O. Smith numbers come from?

The 10-K filed Feb 10, 2026 (fiscal 2025) and the 10-Q filed Oct 29, 2026 (quarter ended Sep 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning A. O. Smith

Renaissance Technologies: 397,499 shares, reported value $24.9M at Jun 30, 2026 (−46.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Citadel Advisors: 367,207 shares, reported value $23.0M at Jun 30, 2026 (+286.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Millennium Management: 155,560 shares, reported value $9.8M at Jun 30, 2026 (+38.7% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 48,900 shares, reported value $3.1M at Jun 30, 2026 (+17.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 36,505 shares, reported value $2.3M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in AOS: The editor holds no position in A. O. Smith (AOS). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell AOS from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold AOS, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
A. O. SmithAOS	FY2025	$3.8B	+0.3%	$546M
Trane TechnologiesTT	FY2025	$21.3B	+7.5%	$2.9B
Johnson ControlsJCI	FY2025	$23.6B	+2.8%	$3.3B
Carrier GlobalCARR	FY2025	$21.7B	−3.3%	$1.5B
AllegionALLE	FY2025	$4.1B	+7.8%	$644M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.